Checking or savings account -- Managing an account -- Complaint #4794408
Complaint Overview
Complaint ID: 4794408
Company: U.S. Bancorp
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: California
ZIP Code: 92508
Date Received: 2021-10-08T12:00:00-05:00
Date Sent to Company: 2021-10-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I deposited $ XXXX using a US Bank ATM in XXXX, CA. The check was drawn from my own personal account with XXXX. I received a letter from US Bank on XX/XX/XXXX, notifying me of a hold placed on my deposit. The reason given was : " ... we have information that leads us to believe that the check may not be paid. '' The letter directed me to contact their 24hr service center for more information. Upon calling ( XXXX ), I spoke with a young man who cited Regulation CC and claimed the bank 's right to place a hold on any large check. He would not address my question as to the basis of their suspicion. I ended the call so I could read about Reg CC on the Fed Reserve website. Upon discovering the bank was obligated to disclose the reason for their belief my check might be uncollectable I called back to speak with a different young man who claimed their suspicion was their reason. As I pressed further, he claimed there was no additional information and I would need to contact my local branch. I pointed out the letter from US Bank directed me to the 24hr service line for additional information which contradicted his claim that they had no additional information. On XX/XX/XXXX, I contacted my local branch in XXXX and spoke with thr branch manager, XXXX. She claimed US Bank received notification directly from XXXX that my account was " flagged '' on their side and that I should contact them to resolve. When I explained I was not aware of any hold/restriction and the check had cleared Citi on XX/XX/30, she said they would remove the hold if I could present proof at any local US Bank branch . After confirming with XXXX no such restriction or flagging of my account existed nor was there a note of relaying such information to USB, I went back to the USB office across from my office, in XXXX. A teller in that branch directed me back to my home branch even as I explained the manager there told me I could go into any branch location. She offered to call XXXX but she was out to lunch. When I asked about the reason for the basis of their belief my deposit would not clear, she claimed it was due to the amount. I reminded her the notice from USB did not state an issue with the amount and that if true, according to Reg CC, they would have released part of funds according to a set schedule. Also the letter indicated they had reason to believe the check would not clear. The teller then proceeded to argue, their suspicion would constitute a reasonable basis for their suspicion. I was unable to discern whether she really believed what she was saying or if USB employees were simply trained to defend any/all actions of the Bank. To be clear, I have no way of knowing whether or not USB had a reasonable basis for restricting access to my funds. I would submit however, they failed to meet he Federal Reserve requirement of including the reason for their belief the check might be uncollectable, in the notice sent to me. I would also argue the reason provided by the branch manager was mere speculation, misrepresented as fact. My complaint extends further to the inadequacy of training provided to employees of the Bank as I was repeatedly given erroneous information. Had they provided the necessary information within the notice as required by Reg CC, not only would I have had the correct information but USB employees would have been better able to provide correct guidance.
Frequently Asked Questions
What is Complaint #4794408 about?
Complaint #4794408 was filed against U.S. Bancorp regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2021-10-08T12:00:00-05:00.
How did U.S. Bancorp respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against U.S. Bancorp?
Yes, visit the U.S. Bancorp company profile at readthecomplaint.com/company/u-s-bancorp to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.